The New York Herald Newspaper, October 26, 1857, Page 4

4 NEW YORK HERALD. eee JAMES GORDON BENNETT, HDITOR 49? PROPRIETOR, OFFISE %. W. CORES OF vemed AND Wassay ore. SRRMS, cad tn adcanee FOE MN ATL Y HERALD, two conte per Per cory THE WEEKLY HERALD, every Satw the Buropean Bilan, oF $8 Wo a. we emctucde pmtouan. re PAMILY HERALD, every Wo fo 4 . oF $2 pew anmuen. Woe PRINTING ceecuted with new ° pawch Sper ann conte p r cents per cymes and dew Volume XXII AMUSEMENTS THIS BVENING. peaenwar THEATRE, Brosdway—PFavst—L Carario — FIBLO'S GARDEN, Broatway—Tur Cowsoairr—Lxs Apeiiine—Tus Partomine or Hongas. BOWBRY THEATRE —Bomno ann JourtT— Puss or rie MARKET —KING OF ULUBS. BURTON'S THEATRE, Broadway, opposite Bond sirect —- Meonera—Tux 1uisH BROOM-MAKER +h WALBACK'S THBATRE, Aroadway -Carsice, o¢ Loves nv Hospany Past 48D PRASENT. “LAURA KEENE’S THEATRE, Broadway—Biao: Pery—cenp Mx Five Samiines Beg ne a BARNUWS AMERIOAN Q@rnasric Feats —OUARACTRAISTIC 1 et 663 Broadway—Braiorias woop’s beste ny ING, 664 oly i ey MECHANICS’ HALL, 472 Brosdway—Raceo Maiovins— BuuLesque -Tur MouNtKRANKs, BW OLYMPIO ae 35 Brosdwav—Vauierr or Bu G8, RC. 1G oF CuuBs. EMPIRE BALL, 696 Broadway—"amtinas Liiveraatrys or Du. Kane's Axctic Rxrgoition, &c. Hew York, Monday, Uctober 26, 1857. The Hews. The steamship Baltic arrived at this port last evening, with Liverpool advices up to four o'clock of the afternoon of the ‘14th instant—four days later than the accounts brought by the Europa. The news is of the highest importance. A commercial panic had broken out, not only in Great Brtiain, but throughout the Continent. It had evidently been Dbroag)t about by local causes, and was spreading rapidiy ard disastrously. At all the great money | centres the rates of interest bad advanced, and shipments of considerable amounts of specie from England to India, the Cape of Good Hope and other points had take place. Anpexed is given the rise in the rates of interest:— +8 to7 percent. «5K to O25 per cent. 6 to 6s por cent. to 8 per cent. At London consols had declined two and a half to three pe: cent, and railway and other securities | participated in the downward movement. Quite a | namber of commercial failuzes had been announced, amcng them— J Movtonb & Co William Sith. A ‘William Lardiow & Co. ‘There were two failures in London, sixteen to | twenty in the silk trade at Manchester and neigh | borhood, ten to twelve in Paris, one in Marveilles, | aad two in Vienns. It is also stated that, as re- specta commercial losses, very heavy amounts have fallen on Lyoas and Havre. A Vienna paper states tuat scarcely a day elapsed that some bankrupt | speculator cid not commit suicide in that city. | Gome of the London journals affected to believe that the financial difficulties would be of but brief nm. They had not, however, received the | of the suspension of the New York bank=, nor of the many commercial failures that have oc curred | ia the United States during the preeent month. i The flow of specie to America had commenced. | The Baltic bought $565,000, and $2,000,000 are now | a the way in the ia ata Canada. The American pr e markets had not been | adected by toe stringency in the money market: | Cotton was firm, with a tendency to advance, while , breadstut® bad not materially changed either in | r cemand. Sagar had declined £14 per tou. | dealth of the King of Prussia had slightly impreved. In Madrid the ministerial crisis continued. ‘The Queen had formed a Cabinet. Earl Fitzhardinge ngland. tl ewmarket races in England the Cesare- witch stakes, worth $10,000, were won in gallant y the American mare Prioress over thirty . Very heavy bets had been made against | ver previ ous to the day of contest. The well known herse Lecompte, alao the property of Mr. Ten Brocck, bad died suddenly of cholic. Pryor has been red of from all bis engagements for the sernon. ‘The news from India is more cheering. The dates 25th and Deihi 30th cf August. Luckaow 4 i¢ aloatts Oth, Madras Lsth and Bombay 17th of Septcaier. Delhi was still in the hands of the insurgents; but another fortnight hed passed, acd the mutineers had not been able to make eerious attack on the British force opposed to On the contrary, they had sustained | eevers! signal defeats, having been beaten Generals Eyre, Nicholson, Outram and succession. General Havelock had ob- tained his ninth victory over the rebels near Bithoor, Gad at last accounts was waiting at Cawnpore for re- iafercements in order to march to the relief of Lack: | now. The European garrison at that place etill held | cut bravely. A siege train was daily expected a! | Delhi, ard immediately after its being placed in po sition an attempt would be made to take the place by | aveault. Strong reinforcements to the Britieh haiar- | rived at Allahabad. Some additional insurrectionary movements had been made by native regiments in | the Bom\my Presidency, but they were quickly sup: | preased. The Oude insurgents were in large num- bers, very united and exceedingly troublesome. In Agra the Eaglith garrivon was safe, and had acted | oo the offensive. The Madras Presidency was per- fectly quiet, and the Panjanb, Bendeleund, Hydera- | bad and Central India were said to be free from any | troubie or disorder. Ww e news from Port au Prince, Hayti, to the oe Our correspondent states that the revolu tioa © San Domingo was nearly at anend, The arw éynssty was very popular. General Santa: ba catered Bantisgo amidst the loudest acclaim. | Genera) Boey was still in San Domingo, but could seither make headway against his rival, nor leave the commtry—in fact be was o prisoner, and if permitted & cvtire into exile, could only do #0 by surrendering | the pubic funds and abdicating unconditionally his este The Haytien army bad returned from the frontier without firing a shot. Business at Por a Prince and the other Haytien ports was daily improving. By the arrival of the brig Mountain Eagle, Capt. x r, at this port yesterday, we have news from Sisal, Yucatan, to the 26th ult. The Campeachy armed brig Union was still sailing back and forth in tue harbor of Sisal, but there had been no exchang> of shots between the fort and her for some days. The the belligerents were at a short distance from Campeachy. but doing nothing. The schooner style any that had Leen armed by Campeachy had laid down | Ler arms aud sailed for New Orleans on ber regular business. The Indians in the interior, taking ad vantage of the disturbances, entered a village some .xty mice from Merida, the capital of Yocatan, with friendly manifestations, and having gained ad- mision ‘xe houses, commenced to slaughter the men, Women and children indiscriminately, and very few escaped. More than five hundred bodies had been found, aud more were Leing Ciscovered | Coly tn the woods, where they had attempted to | Oe. my were overtaken od murdered—many | cate NEW YORK HERALD, MONDAY, OCTOBER 26. 1857. them mutilated in the most shocking manner. This occurred about the middle of September. A meeting of the members of the hardware trade was held on Saturday afternoon at the Astor House, to take into consideration the time of credits. No definite action was taken on the subject at the time, bat a committee of five was appointed to ascertain the views of the trade and to report at a future meeting. The members then adjourned to meet at the same place cn next Wednesday afternoon. See our report elsewhere. Dr. Baird preached last night at the Presbyterian church, University place, before the Young Men's Christian Association, on the religious condition of Europe. He dwelt at some length on the great pro- gress in true evangelical religion which he witness- ed in Europe on his recent visit. When he first went there, in 1535, he could not dare to hope that euch progress was in view. Religious Mberty had epread throughout the whole continent; the congregations even in Catholic countries had in creased. Rationalism and deism were giving way to the light of the Gospel. In the Scandina- vian countries, in Germany and Sardinia, he found a wonderful advance bad been made. He concluded by stating that the principal onject of the late great meeting in Berlin was to prove to the world that the boast of the unity of the Catholic church, and the hostility toeach other manifesied by all sects of Protestants, was not well founded, by showing on how many points Protestants believed in com- mon. He urged on the young men to go forward in the good work of spreading Evangelical religion in foreign countries. Europe and America, both South and North, were nominally Christian coun" tries: but if the religious spirit of the United States and Canada West existed in Mexico and Central America it would be a great blessing. The records of the Coroners’ office for the past week are replete with caves of death from violence, and show an increase in crime really alarming. The bloo¢y drama in Tenth avenue was bat the precur- sor of half a dozen homicides which followed in quick succession. First in order came the case of Henry Dodd, who was killed in a ball room fight by being struck on the head with a slung shot ; then followed that of James McDermott, who was killed by a blow from « cart-rung while engaged in a fight with a man named Owen McKiernan; the fol- lowing day James O'Mahony, a missing man, is found to have been murdered and thrown into the East river at the foot of Market street; then follows a heartless case of infanticide in East Twenty-third street: to these may be added the cases of two men who died (one at Bellevue Hospital and the other on Blackwell's Island) from the effects of injuries re- ceiveé—how, where and when, no one knows. Thus we find no less than seven cases of manslaughter occuring in this city within a period of seven Gays. <A truly alarming record. The value of foreign goods imported at the port of Boston during the week ending 23d inst. amount- ed to $1,586,654, The imports for the corresponding week in 1556 were valued at $1,426,453. ‘The annexed table shows the temperature of tha aumosphere in thia city during the past week, the range of the barometer, the variation of wind currents, and the state of the weather at three pe- tiods during each day, viz: af 9 A. M., and 3 and 9 | o'clock P. Maz— » ® = s waegeee RMARES. een, eee afernose, do ; aight. clene Scueay—Merning. clear and cool: afernoon, do.; might, overcast; afternoon, do; lghtuing during the evec! ‘Tnesday—Mornir, end afternoon, clody aad blowing bard; pighi, car and cold. Wednesaay—Morning cicar end colt. afternoce, clos¢y: pight, clo joar end sold al day; night, clear aad cold. ar and cold all dey; night, clear and ootd. Cloudy, wish light rala. Oa Sau day there was oo now feature presonted in ihe and we oan bat repost the old story, that in salon, prices wors aomival, There wae ern Comand for Sour, with rather more ofering. while ihe trangacliona were confined chiefly to the local and Esatern trade, The market closed at a decline of 63. 0 Ice. per barrel, chiefly om S.ate acd Wortern brands Wheat wee sold at full prices for prime to choise low, while infertor and common grades were caster, Among the asles were aboct 80,000 bashels Ca!cago red spring at $100, for export. Common to good Socthern white ranged from $1 25 @ $1 25, and choics Tennessee white sold 48: Milwaukie red at $1 09; Southern red sold at #1 20 a $i SC—the latter figere for choles. Corn was dull, with light sales of Wevern mixed at at 69). 0 100 ‘Small sales of mess pork wore made at $20 60 a $21 00. Owing Wo the (nolemoncy of the weather sugars wore Jem aotive, but full prices comtinned to be maintained, ‘The sales were confined to jsbout 200 « 300 hdds., ot Frices given in another column. Coffee was quist and sales limied, while prices raised quale sioady, Freights were firmer for (oglish ports, and about 40,000 bash ls of grain, chiefly wheat, were for Liverpool 'n bulx and bags at 63 a OX a Td. and four at 23. Sd. The propeller Jason, for Lonion, took flour at Oa. 6d., wheat at 10d. in ship's bags, rice at 7s, 64. por ton, and encese ai 60s. Wheat was also engaged by a sailing Veasol at Td., and rosin do. at 2s. 6. Important from E.urope—whe P. land and on the Continent. The advices from Earope, received last night in Eng: by the steamship Baltic, show that the intelli- | gence of the progress of the revulsion here had already begun to produce its effect not only in | England, bat al! over the Continent. The latest dates that had been received in London from | | New York, on the departure of the Persia, was | the 30th of September, up to which time there had occurred only the bank failures in Philadel- phia, Baltimore and Providence. But what most awakened the public alarm in Earope was the great decline in our rates of exchange on Eng- land, which brought home to it the fact that we should establich adrain of specie from there. The tone of most of the journals was «till hopeful that this would not be a permanency, and that affairs on this side would rally. They had therefore a fortnight more of our panic to come upon them, with all its attendant disasters and final result in our complete eusponeion of specie payments. ‘The steps that were being taken through- out the great capitals of Europe indi- the commencement as violent if not worse than ours Bank of England had advanced its rate of dis- count to seven per cent, and it was publicly | stated that fears were entertained of a further advance of one per cent. The Bank of France, | that bad just been expanding, suddenly raised its tate from 5} to 6} per cent, and in Hamburg the rate of inverest wae already at eight per cent. The London Chronicle states that while the Bank of and had a stock of only four millions of pounds of notes which it could issue, the de- mands for diecounts amounted in one day to onc million of pounds, In Paris and Lyons the failures atnong the silk houses had begun; and in Glasgow a number of houses engaged in the American trade had already eueponded, their liabilities amounting to a million and a half etetling. In Manchester from sixteen to twenty failnres are announced. Under the panic caueed ly the first fash of the news that we should draw specie to this side, the public funds fell a f* little over three and a halt per cent, touching there of a panic | The | 86, being one per cent below the lowest point John Van Buren on the Iseucs of the Plate they bed reached this year. In Berlin and Vienna car letters ehow a similar disastrous atate of affaire, and the existence of a rapid deprecia- tion in railway ebares and public securities. This state of things on the other side is what we have anticipated aud repeatedly announced, and we see no reason to prevent ita continuance till it has penbaps prdstrated all their banking inatitutions. Upon us it will produce little effect. The evil has been experienced here, and panic has dove its woret, The flow of gold that must set in from Europe to this country will now pro- bebly continue, and strengthen our position while it weakens theirs. We have abuadant harvests, and cotton, which is the key of the current of specie; and the arrival of the large sams which may be expected by every steamer, will contiou- ally improve our situation, The present revul- sion will no doubt sweep overthe face of the whole of Europe, and completely change not only its financial condition, but also its political aspects. When the Emperors met lately at Stutt- gardt and Weimer, they no doubt thought they had settled all the affairs of the Continent; but panic bas now come and unsettled the whole thing, and they will have their work to do over again. whe Pressure of tne evulsion—Hovements of the Adminimration. In the midst of this wide spread financial and commercial chaos, and when all eyes are directed to Wachington for the ways and means of present and permanent relief, the movements of the administration in reference to the practical exi- gencies of the times are of the highest moment, It is with pleasure, therefore, that we lay before our readeis this morning the special advices under our telegraphic bead, touching the pro- ceedings and purposes of the Cabinet in regard to the expenditures, retrenchments and general fiecal and commercial ‘policy of the administra- tion. The causes and the effects, the bubbles, the in- flations, expansions avd explosions of this revul- sion are without @ parallel in the history of the world. During the present century we have had three great financial reactions, and several smaller ones, but compared with the agencies involved, the ramifications, complications and extent of of this tremendous breakdown of 1857, all its pre- cedents sink into the shade. With the suspen- sion of the Ohio Life and Trust Company there was commenced a echedule of suspensions, failures and bankruptcies, the effects of which will extend throughout Europe, and to the most remote confines of Africa and Asia. In this country already some fifteen hundred merchants and traders, great and small, and some fifteen hundred banks and railways have failed or suspended, involving the suddea unnihilation of five or six hundred millions of property ia the shape of bank facilities, railroad stocks, bonds, assete, mortgages, &c. And this, too, at a time when the solid material weaith, activity, prosperity, crops and industrial resources of the country are the wonder of all nations. ‘The country was never richer—no country was ever richer—than is this great Union at this day, in lands, mines, railways, canals, ships, cropy, and manufacturing aud commercial wealth; aud yet in this sudden financial chaos and confusion between creditors and debtors, banks and rail- roads, merchants at home and merchants abroad, importers and retailers, speculators and capital- iste, stockjobbers and real estate owners, and what not, the whole community deeply suffers as from the loss of five or six hundred millions of cotton, corn, and gold sunk in the sea, when in reality the loss is purely fictitious. This country is richer today than on the day when the Ohio Life and Trust Company suspended. And what are the causes of this universal prostration of business, confidence and credit! Bank and stockjobbing inflations. The old sto- | ry of 1857, with the difference between the go- veraoment specie basis of inflation in the former case of some thirty odd millions, and the specie reeources of California and Australia in the lat- fictitious paper bubbles of all kinds have beeu inflated in proportion to this augmented specie basis, and the crash, inthe same proportion, brings with it its accumulated disasters. That is all, The States have created banks by the hun- dred and the thousand; they have issued their paper accommodations by millions; railroad and all sorts of speculative combinations have fol- lowed euit with their stocks and bonds; mer- chants Lave been enriched by credit purchases, and saics upon promises to pay; epeculators have become millionaires upon Wall street stockjob- bing profite; and thus we have had a grand car- nival of uuiversal credits, universal extravagances and unbounded paper wealth, which has sudden- ly coliapsed like « bag of wind. Nothing more. The gigantic evils thas to be remedied may | well command the most earnest attention of the | general government. Hence, it will not be the | abstractions of the nigger question that command the special deliberations of Mr. Buchanan's administration; but it will be the financial and commercial epidemic of the day, and its most availa- able and reliable remedies. For the last half cen- tury the troubles of the country have vibrated between the nigger question and the money question; but if it has bad no other godd reealt, a financial revulsion has always silenced for the time the nigger and disunion agitation. Mr. Ba- | chanan and his Cabinet may, therefore, safely | leave the nigger iwue to the laws of gravitation, | and address themselves earnestly to the practical necessities of the times. In ths view the policy of retrenchments and reforms proposed by Mr. Cobb, ax indicated by our Washington despatches, are good and rea- sonable. Itis especially advisable, at a crixix like this, to cut off and cut out by the roots all the lobby jobs of spoils and plander not necessa- ry for the pablic welfare. From the disclosures of the last Congrees we doubt not that by this weeding out process of the lobby corruptions of | Filmore and poor Pierce many millions may be judiciously saved to the Treasury upon lobby spoils and plunder jobs ordered or projected by Congress. Finally, with regard to the comprehensive i--ue« embraced in the great duty of # reorgani- vation of the financial, tariff and commercial «y«- tems of the government, it is enough for the pre- ent to be asared that the President and his Cabinet are sensible of their respon-ibilities. The relief of the country from its present embarrase- ments, and the restoration of its financial and commercial laws to a general system of harmony and solidity, comprehend something more than the work of a Cabinet council or two. It i* a work of time, research and discussion, in which the President can only indicate to Congres: the landmarks of his policy. {n view of this impor- tant duty we are satisfied that in the interval to December the invaluable experience of Mr. Bu- chanan in our political and financial affairs of the last forty years will be wisely bestowed. will ter cage of huadreds of millions of dollars. Our | Election. We publish elsewhere the epecch delivered by Jotn Van Buren at Tammany Hall, on 12 inat., on the eubject of the issues involved in the fall election. It, will be found to be s compre- hensive and well considered document, with much more eul and much less rhetoric than euch oratorical effusions usually contain. No man understands the political history of this State better than Jobn Van Baren. The main point on which he joins issue with his opponents is on the financial bearings of the contest. He shows, beyond dispute, that each of the two political parties of this State hes had a fixed, settled policy in matters of money, from which policy neither has at any time departed for any length of time: the Seward party to spend money, the democracy to save it. From the very start, Mr. Seward and his followers treated the State as a vache a laii—to be milked per- petually for the comfort and support of the party; and so thoroughly have they adhered to this policy that after plunging the State into debt to a frightful extent for the completion of the canals, they are now as far as ever from being complete, and the State has actually this fall been forced to suspend payment. Vote after vote has been precured from the people for the expenditure of more money on these canals. Each time, it has been well known that the money went to byilding up the party in this and the other counties, to aiding the echewes of Weed, Matteson, and that clique, to making the fortunes of contractors whose services were of use to the party, to anything in fact save and except the purpose for which the money was voted—the completion and enlargement of the cauals. All that has been voted is gone. The canals are again in the old position. Again will the republi- cans say to us, as they have so often said:—‘ If you won’t vote a couple of millions more, these canals which have cost us s0 much money, aud are the pride and glory of the Stave, wili be utterly uselees, and the expenditure on them will have been thrown away.” And again, no doubt, the money will be voted, and, if the administra- tion of it goes into the same hands as uxnal, it will go where the former sums went, into the pockets of the republican wirepullers, and after a time the canals will be as needy as ever. Impecuniosity is the cardinal feature of the Seward policy in this State. Whatever views they may have entertained with regard to slavery or masonry, or the tariff, they bave always been consistent on one point—they have always wanted money. However their hearts have been lace- rated by sympathy for the slaves at the South, or the outraged freemen of Kansas, their emotion has always taken one shape—a ery for maney, Ne spuffling parson’s unctuous lament over tne benighted condition of the heathen of Borcioboola Gha is more surely followed by a hat and a whine for pence, than the ardent outburst of republican patriotism by an appeal to the public for a few more thousands, This malady of the republican party—this species of pecuniary satyrivsis—seems to have reached a climax last year. Never before in the whole history of the country, was the pureuit of money undertaken with such unblusbing eff'ron- tery, or carried out with such unrelenting ava- rice, as by the republican majority in our Srate Legislature during the session of 1857. To ob tain money they sacrificed all their old party ties, all the great principles which underlie democra- tic government, and all the guaranties which eighty years of successful social organization af- ford for the permanence of the institutions of this republic. They disregarded alike the en- treaties of the constituencies they were robbing, and common considerations of prudence for their own safety in cave they should ever be ina mi- nority. Nor did they flinch in their work till they had actually «welled the taxation of this State by the enormous «um of $1,787,164 84, ina single year. One hundred and twenty-five per cent did they add to the State taxation ina single year. It is not necessary to repeat in this community the long list of the outrages perpetrated on the city of New York with the sole view of obtain- ing our money as well as the State's for the con- summation of their political devices. How they wrested from us that natural control over our own affairs which is inherent in every assem- blage of freemen ; how they undertook to do for us what the people of the old colonies would never euffur the English Kings todo for them, namely, to govern them by commissioners; how they aseumed the expenditure of our money for a City Hall, and for the Central Park, and how they usurped the control of the Port Wardens, and the appointment and direction of the police; these outreges are yet too fresh in every one’s memory to need repetition. They are the natu- ral and consistent culmination of the Seward policy in this State. It now remains to see whether, at the election which comes off ia a few days, the people will decide to aflirm and perpetuate this dynasty of stockjobbers and plunderere, or will restore the State into the only hands in which the people's money has ever been afe. Mercaxtt.n Acrncres.—There are in this city three or four peculiar establishments known as mercantile agencies. There are also one or two in Boston and Philadelphia. Those here are con- ducted on a very extensive scale, some of them employing from fifty to a hundred clerks, and have branches in several points of the South and West, and even in Canada. Their business is to supply to the merchants and bankers of the city, who pay them a certain yearly subscription, informa- tion in reference to the solveney and re«pecta- bility of traders all through the country. For this purpose these agencies have correspondents in almost every city, town and village in the United States, who keep them notified, from time to time, of the condition and prospects of the little shopkeepers of the place. When one of these latter comes to New York for goods, the merchant to whom he applies immediately sends to the mercantile agency for particulars, and on the report there made he will give or refuse the credit asked. It will be seen at a glance that this is a most dangerous espioncye system to be encouraged in any country, It is dangerons not only to the emall trader, who often finds his credit ruined without knowing the cause, but also to the mer- chant, who is very often led astray by the report furnished him, and is victimized by the person coming to him with the best recommendations from the agency. The concern itself is, in its who hold immense powers in their hands, and may not always be worthy of such a trust. Those who belong to a certain clique will be highly recommended; those who do not, ran the risk of being returned as insolvent or doubtful. Alto- gether itis discreditable and unsafe mode of doing business, We have no doubt that much of the present diffeultics in commercial circles bas been brought about by this very eystem. Country shopkeepers have got large credits from merchants here, imply on the ground of their being well recom- mended at the agencies; while, in fact, if their real circumstances had been known, they would not have got goods to the amount of 9 handred dollars; and now the merchants find how mach they were deceived. If commercial firms here relied leas on mercantile agencies and more on their own correspotdents, they would have fewer bad debts on their ledgers, and would run lees risk of becoming insolvent themselves. Tur Latest Puask or THE Kansas Question. —The election for delegate to Congress and for- members of the Territorial Legislature is past in Kansas, and the public can judge from the result what the sentiments of the people there are in relation to the question of elavery. There is no doubt that by that peculiar system of political tactics known as “gerrymandering” all possible advantages were given to the pro-slavery party over the free State party. For instance, the town of Lawrence, the most thriving town in the Territory, with its comparatively large popula- tion, exclusively free evil, was made part of a district, extending some forty miles down to the Shawnee Mission, so that its vote might be overridden by that of the pro-slavery population ecattered through this border district. And yet with ail these political appliances at work, the pro-slavery candidate for delegate to Congress has been defeated by a large majority, and the free soil people have mejorities in both branches of the Legislature, 12 connection with this election it is gratify- ing to notice the strict justice and impartiality meteG out on all sides by Governor Walker. One instance of this is given. A bor- der county, kaown as Johnson, had sent in election returns chowing a pro-slavery majority of some five itousand-—a majority perhaps five times greater than the whole population of the county. In one precinct, where there were only some twenty residents, the returns showed that there were some sixteen hundred votes cust. The fraud here was too glaring to pass muster. It was represented to Governor Walker. He took measures to satisty himself on the sabject, and being convinced that this and other returns were fraudulent, the certificate of election was given to the free eoil candidate, Mr. Parrott. The Constitutional Convention hasre-essembled after its recess, and is now in session at Lecomp-’ ton. It would be reasonable to suppose that, in view of the popular feeling expressed at the re- cent electicn, that body would frame a free State constitution and have it submitted to the people. Our own opinion, however, Is that it will do neither of these things. From the character of the delegates, and from the manner in which they were elected, we are inclined to believe that they will frame constitution either di- rectly recognising slavery or entirely silent on the subject, and that instead of its being submitted to the people it will be sent direct to Congress with an application for the admission of Kansas into the Union aa State. The dele- gates are perfectly well aware that no act of theirs will be endorsed by ihe people; and hence, if they did not intend to send the constitation direct to Congress, there would be no gense what- ever in their continuing in seasion. They are placed in just this dilemma: The people will ig- nore the whole proceedings if they have a chance of voting in the mutter. Congress will reject any applicatioa for admiesion not baeed on the popular will. The new Legislature will repeai the act authorizing the Convention, and will call a new Convention. Therefore, on cither hand, turn which way they will, the gentlemeh now in session in Lecompton can eee no possible means of utilizing their labore. The only chance they have, under these cir- cumstances, is to deny to the people the right of voting on the constitution, and to send it direct to Congress. It will act as a firebrand there, and may create much trouble, The Southern fire-eaters will strive to have the legality of this course recognized: but the conservative members North and South will be too strong to allow the euccessof such a movemeut. The popular will must be respected, and by virtue of it Kansas will undoubtedly come in a free State, Lessoys or THE Panic--Provosep Livrratron ov Creprrs.--Ta another column will be found a report of the preliminary meeting of hardware merchants convened to cousider the expediency of curtailing the periods of credit usually ac- corded to their customers. It will be seen from the remarks made at this meeting that the suf- ferings through which we are passing are already productive of wholesome fruits. The hardware houses deeerve credit for being the first to inake a practical application of the lessons inculcated by our present misfortunes. It is to extended cre- dits as a means of expansion that our sufferings are mainly owing. If commercial houses traded stzictly upon their own capital they would not require a larger amount of accommodation from the banks than they could at any time readily reimburee. This is the whole rotional+ of the ques- tion of immunity from these periodical revulsions, so far as our domestic trade is concerned. It therefore becomes importaat to consider whether it is not within the power of our morchants to restore their trade arrangements to this secure footing. It we review the circumstances under which the present system of extended credits has grown up, we ehall at once sec that there no longer existe any motive for its continuance. It arose out of the competition of Philadelphia with New York for the foreign import trade, and with Bos- ton for the trade in home manufactures. The rapid growth of the Western cities of course stimulated Philadelphia to strain to the utmost point its trade accommodation to its Western customers, so aa to obtain a monopoly of those marketa This of course compelled our New York merchants to hold out the inducements of the same facilities, and thus the present foreed and dangerous eystem of long credite has grown up From six months our New York and Boston houses have been obliged to extend their ctedits to eight, twelve, and sometimes eighteen months. ‘The Western trader, in his turn feeling the pres- eure taken off him, extends indefinitely his credits to his agricultural customers. Thus, we have an accumulation of obligations from the farmer to the retailer, from the retailer b> the jobber, and from the jobber to the banks, The moment any unexpected disturbance occurs in the financial operations of the world, the latter begin to con- tract, and when, as at the present period, this contraction is pushed to extremes, of course the credit system topples to the ground. As it is now clearly shown that it is materially impoeeible for our Philadelphia rivals to continue any longer these ruinously long credits, it is time that our merchants should by a concerted effort at once abolish the e«yetem, and eo secure their business from thoee terrible and frequently reeurting shocks. It should be their aim to ¢a- couzege the more general adoption of the cash eystem by charging upon thelr goods the mini- mum of profit, or by offering @ large discount fer ready money. If newepapers ean thrive amd make large returns by a rigorous adherence to the cash priveiple, wo see 20 reason why commercial establishments may pet profit by their example, But when it isnot possible to carry on business on this system, merchants ekould make it a fixed Tule never to grant to thelr customers a longer Fticd of credit than six months. Even this is too long, for it affords the retailer the tacility of turning over his stock twice, and, if he be di» , hoxest, of increasing the amount of his indebted.’ ness. Besides this, it should be recollected thes the facilities of communication afforded by the railroad and the telegraph are now so great that there is no longer any necessity for such large stocks as were formerly kept—a necessity which constituted the only legitimate argument in faver of long payments, The revision of the credit system is a task which requires careful consideration and reflee- tion. Now that a movement in this direction is fairly inaugurated, we arc satisfied to leave it ta the hands of those most interested in its curr tailment, Tar Mormon Questiox—Wi. THe Samm Suow Front ?—Exaggerated statementa of Mor- mon power and Mormon hostility to the general government have been going the rounds of the press for eome time, and the military expedition now on its way to the Great Salt Lake City is regarded as incurring almost as much peril as if it were moving to the reliefof Luckaow. Wedo not share in these apprebensions, All this talk and bluster about the hostile preparations that // are being made in Utah is mere absurdity. Brig- ham Young may indulge in big talking before the Saints in the Bowery, and brother Kimball may make them laugh by telling them that his wivee are etrong and numerous enough to drive out Uncle Sam’s troops; but there is no real in- tention on the part of the Mormons to offer any * open resistance to the expedition. Brigham Young is a shrewd Yankee, and is altogether too seusi- ble a man to entertain for a moment any cud ridiculous idea. He knows very well that if he were to get up his Mormon followers to the point ofarmed rebellion against the government and people of the United States, he and they would be swept off the face of the earth, He has quite too good a time of it to desire any such summa- ry proceeding. Instead of sending out his Danites to form ambuecades and to harass our troops, he will probably go to meet them him- self, accompany them into Salt Lake, aud treat them tothe best the place affords. Tne Sainta may taik, but they will not fight. There need be no apprehension felt on that score. We will have no Mormon rebellion yet. THE LATEST NEWS. interesting from Washington, THE ADMINIS: BATION AND TGS REVULSION - CARB- PUL AND CAUTIOUS MOVEMENTS OF TAB CABLNAT —REYRESCUMBNT AND RBP/ORM—UIBFUL PUBLIC WORKS IN PROGRESS TO GO ON—LOBBY JO%8 TO BE STOPPSD—GENERGT, PINASCIAL AND COOMRACIAL AOLIOY OF THE GOVBRNMENT UNDBR ADViSEMENT DESIGNS OF GSNALAL WALKBR—TEB PUBLIC PRINTING, BTC., BTC. Wasuincron, Oct 26, 1867. ‘The sweeping operations of the present financial revul- tton in the broaking down of banks, (rallgoad corporations, mapufactories, merouants, etook jobbers, the goneral Indus- trim Interesta of the country, have made » profound tm- pression upon the administration circles of Wasbingtom. ‘The President and his Cabinet, fully sensibio of the mew responsibilities thus devolving upow them, arc beginning seriously to consider tho ways ani means which wil most happily combine retrecchment in the pubiic expen d\tares and rotief tothe country. And first, in regard to the Treasury expenditures, the policy of Mr. Cobb was no exactly stated in a lave despaich to the Hemaiv. ( pon tate question bis atention and the attention of the Cabinet has eon directed to three important points, to wit:— First—In referense to necessary public works siready commenced, such at new |'ost (Toes and Custom Houses. Upon there, from economical considerations, the work begun will be continued. Second—In rogard to public works Tor which appropria- _ tions ave been made, but cpon which active work hae wot yet been commenced. Upon these the government wii! dis- criminate between works of necesnity and more speculn- tive lobby jobs; and while the first will be prosecuted, the latter clase will be suspeaded. ‘Third—In relation to the geners! nancial and commercial ‘measures of the a:ministration, tn connection with the Anancial crisis, e comprebensive Geld of inquiry ia prem sented, which will require some time and deliberation te arrive at any definite programme, Tam assured (hat the admin'siration will go on nad com- Minune the useful public works already commonced, in connection with the several departments of the govers- ment—legisiative, Soancie!, postal, army and mevy—and these works will cover millions of expenditures during time current and next fixes! year; but s careful distinction wil! be made betmoen works of practical utility and thas wast class cf corrupt lobby jobs which Soarished so oxtenstvely nader the last two reckless and ruinous administrations Ia this class of lobby speculations we may enumerate the new Navy Yard project of Thcriow Weed and others, at fan obscuro landing on the coast of Georgia; and several Deauttfal lobby jobs in Celiforris, Oregon and elsewhere. Mont of these schemes are pare echomes cf plunder, and way be se conveniently disrensed with ae the iste iniand Navy Yard et Memphis, Tennessee, the chief recommes- dation for which was ‘that it was above the pint of the yaller fever.”” It te believed that by potting the sxe to the roots of these lobby logroiling jobs of piuader an” spnitadoa of all sort, many millions will be saved to tho treasary ; and that the heavy leakages from tee epormons spoils corruptions Gi Filmore aad poor i\erce, wii thas be stopped. Depend upon {t, Mr. Buchanan and bis Cabinet will proiit from whe lobby disclorares of tho last Congress, and will lop off all mere lobby excrescences. root aed branch. Aa indicated, the comprehentive issues involved im fuch propositions aa 8 new tery law, « new bankrape law, © new federal finaicia! system for the reguiation of the banks and ihe ocurrescy, new commercial requiations, = joan, an issae of treasery notes, Ao, will require time and deliberaiion. Bat ‘upom all these matiers the atiestion of the Presidest and his official advisers will be earnestly devoted to the great ends of an econcmicsl government, and « anf, sound, harmoaions, permanent and eolld janscial aad commercial system throngbou! the Union. A petition, steed by quite a number of loading men of New York, reached here yesterday, and will, It a ander- stood, be presented to the President to-morrow, urging the administration to recetve Yerissarri aa Minister frou Nicaregoa. They allege to have information from Niea- Fequa tha} will jastify the President in taking that step, Letters received hore iast evening from New Orieans state that Waiker, with hie forces, is laying pertectiy quiet, He writes to a friend tm thie city that his depar. ture will not be delayed more than a month; that be ie making extens.ve preparatians, and that bis reoruie are ‘ang menting every day. Rome rich disclosures will shortly be made, showing ap & Dad state of things in the office of the Bupprintentent of Pablite Printing. A combination of editors from the Was ern, Northern and Middle States ts mow forming to defeas he Congressional! printing arrangemonte and to seocre to themeetyes. Some of thom are already on the g-ound. Markets, New Onumawe, Oot 24, 1867, Cotton wi mnie to 500 aaye att Rev ipee to day baer, fy 4 baloe. ' Market Provisions very dei TN i Walskoy it sailing at 160. Pramect “ye eed. Dosinem is eeserly ery i CHAmLRTON. Oot. 94, 1 = today 190 Dawe, at like «@ lua “rn mid: Avorers, Oot, 24, 1887. The wits of cotton Uoday add ap 400 pales, a4 cm ie) Oot 04, 1867. The Jorn a’ reportn fo aNleE Of Coton oF printing clothe thie week. sales of wool only 1,600 Iba, at lige. a Ale) fo. fpaliod., Brvvaro, Cot, 4—6 P.M sor declined, with a motors e Baise 1,908 164008 HT for o. aper Dinos and “Visooeia, ,